50 Cent’s Connecticut Mansion Has Not Been Sold

Contrary to a previous report, 50 Cent has not sold his Connecticut mansion. Representatives for the rapper refuted the original report by TMZ, which claimed that his mansion had been sold to a buyer who planned to turn it into an assisted living facility.

"It is not sold yet, there are offers they are reviewing and it is still on the market," a rep for 50 Cent told PEOPLE.

In the original report, the mansion was allegedly sold for $8 million. This was a far fall - $10.5 million to be exact - from the original asking price of $18.5 million. 50 Cent first put the estate up for sale back in 2007. The massive home includes 21 bedrooms and 25 bathroom. It was previously owned by former boxing champion Mike Tyson.

"There is no signed contract in place to purchase the property," 50 Cent's lawyer confirmed to PEOPLE. "Until such time as a formal contract has been approved by the Bankruptcy Court and executed, the property will remain listed and for sale to all interested buyers."

The comments by the lawyer seem to hint that a verbal agreement was made as opposed to anything in writing. Whatever the mansion finally sells for, it could help improve 50 Cent's financial woes. The New York native has been spending $70,000 a month just to maintain the home.

The G-Unit rapper is currently in the midst of a bankruptcy case. 50 Cent has argued that his current assets are worth $16 million and bankruptcy is a necessary evil. Appraisers recently refuted 50's claim as they put his worth at $64 million.